Financial Service Providers (Registration and Dispute Resolution) Act 2008

Preliminary provisions

7: Persons who are not in business of providing financial service

You could also call this:

“People and groups who don't count as financial service businesses”

This part of the law talks about who is not considered to be in the business of providing a financial service. You are not in this business if you are:

A lawyer, accountant, tax agent, or real estate agent doing their normal job.

Someone who works for the government or the Reserve Bank of New Zealand.

A person who is closing down a financial service provider’s business after it has been deregistered.

A non-profit organisation giving free financial services.

Someone managing money for a family estate or trust.

A person nominated by a financial advice provider to act on their behalf.

An employer helping employees get benefits from a retirement scheme the employer is part of.

Anyone who has been excused from following this law by other rules.

These exceptions also apply to people who own, direct, or work for these exempt individuals or organisations.

However, if another law says these people need to be registered under this Act, then they still need to register.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1109501.


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6: Meaning of in the business of providing a financial service, or

"What it means to run a business that offers money-related help to people"


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7A: Application of Act, or

"This law explains who must follow the rules about financial services"

Part 1 Preliminary provisions

7Persons who are not in business of providing financial service

  1. Repealed
  2. None of the following persons are in the business of providing a financial service for the purposes of this Act to the extent this subsection applies to them:

  3. a lawyer, incorporated law firm, conveyancing practitioner, qualified statutory accountant, tax agent, or real estate agent providing a service in the ordinary course of business of the relevant kind:
    1. a public service agency as defined in section 5 of the Public Service Act 2020:
      1. the Reserve Bank of New Zealand (and any subsidiaries):
        1. the statutory entities listed in Schedule 1 of the Crown Entities Act 2004 (other than Public Trust):
          1. a person engaged in terminating the business of a financial service provider after that provider has been deregistered:
            1. a non-profit organisation in respect of free financial services:
                1. an executor, administrator, or trustee in respect of services provided in the administration of an estate or a trustee in respect of services provided to beneficiaries of a family trust:
                  1. a nominated representative (within the meaning of section 6(1) of the Financial Markets Conduct Act 2013) while acting in that capacity on behalf of the financial advice provider that nominated the person:
                    1. an employer while providing services to enable employees of the employer to obtain rights or benefits under a retirement scheme (as defined in section 6(1) of the Financial Markets Conduct Act 2013), being a scheme in which that employer participates for the benefit of its employees:
                      1. any person exempted, under regulations made under this Act or by or under any other enactment, from the application of this Act or from the requirement to register under this Act (to the extent of the relevant exemption).
                        1. If subsection (2) applies to a person (A), it applies equally to any controlling owner, director, employee, agent, or other person while acting in the course of, and for the purposes of, A's business to the same extent as it applies to A.

                        2. However, subsections (2) and (3) do not apply if, and to the extent that, any other enactment requires a person referred to in those subsections to be registered under this Act.

                        Notes
                        • Section 7: replaced, on , by section 9 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                        • Section 7 heading: replaced, on , by section 65(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                        • Section 7(1): repealed, on , by section 65(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                        • Section 7(2)(a): amended, on , by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).
                        • Section 7(2)(b): replaced, on , by section 135 of the Public Service Act 2020 (2020 No 40).
                        • Section 7(2)(d): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                        • Section 7(2)(g): repealed, on , by section 8 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                        • Section 7(2)(i): replaced, on , by section 65(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                        • Section 7(2)(j): replaced, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).